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Notify Technology Reports Results for the Fiscal Quarter Ended December 31, 2012

SAN JOSE, Calif., Feb. 22, 2013 /PRNewswire/ -- Notify Technology Corporation (Pink Sheets: NTFY.PK) today announced financial results for its fiscal quarter ended December 31, 2012.

Total revenue in the three-month period ended December 31, 2012 decreased 21% to $1,275,975 from $1,606,851 during the same period in the prior year.  The net loss for the three-month period ended December 31, 2012 was $202,955 or $3.16 per diluted share which was an improvement from a net loss of $410,761, or $5.82 per diluted share, reported for the same period in the prior year. The decrease in revenue for the fiscal quarter reflects a combination of a reduction in sales of the NotifyLink and NotifySync products and the slower than anticipated growth of the NotifyMDM product line.

"Fiscal 2013 will be a transition year as we expect a continued reduction in demand for our NotifyLink products while ramping up sales of our new NotifyMDM product." said David Hanabusa, President and Chief Executive Officer of the company. "We are continually improving our MDM product and have invested heavily in development assets to do so.  We have also streamlined our operation where we can without sacrificing product design."

Sales and Marketing expenses were $489,025 in the three-month period ended December 31, 2012 compared to $741,899 in the three-month period ended December 31, 2011.  The significant decrease in spending was primarily due to reductions in compensation expense.

Research and Development expenses were $689,450 in the three-month period ended December 31, 2012 compared to $855,594 in the three-month period ended December 31, 2011.  The decrease was due to reductions in compensation expense. We continue to invest heavily in the development of the NotifyMDM product line while still maintaining the capability to improve and support the NotifySync and NotifyLink products.

General and Administrative expenses decreased to $289,382 in the three-month period ended December 31, 2012 compared to $409,159 for the three-month period ended December 31, 2011.  The decrease was primarily due to incurring minimal SEC filing costs and reducing executive compensation.

About Notify Technology Corporation
Founded in 1994, Notify Technology Corporation is an independent software vendor (ISV) who has specialized in wireless mobility solutions and services for the past 11 years. Notify's products including NotifyLink, NotifySync and NotifyMDM support all major smart phone and tablet platforms independent of wireless carrier or network.  Notify sells its mobility products directly and through authorized resellers internationally. Notify is an official Apple iOS Enterprise Development Partner, Android Development Partner, BlackBerry Development Partner, Windows Mobile and Windows Phone Development Partner, and Symbian Alliance Member. The Company is headquartered in San Jose, California with product development and technical support located in Canfield, Ohio. For more information, visit http://www.notifycorp.com or contact 408-777-7930.

 (Financial Tables Follow)


 

NOTIFY TECHNOLOGY CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

 






Three-Month Periods



Ended December 31,




2012

2011




(unaudited)

(audited)








Revenue:





   Product revenue

$  1,275,975


$ 1,606,851


Total revenue

1,275,975


1,606,851












Cost of revenue:





   Product cost

4,239


15,287


   Royalty payments

8,768


765


Total cost of revenue

13,007


16,052


Gross profit

1,262,968


1,590,799








Operating expenses:






Research and development

689,450


855,594



Sales and marketing

489,025


741,899



General and administrative

289,382


409,159


Total operating expenses

1,467,857


2,006,652








Income from operations

(204,889)


(415,853)








Interest income and other, net

1,934


5,092








Net income (loss) before provision for income taxes

(202,955)


(410,761)







Provision for income taxes

--


--


Net income (loss)

$  (202,955)


$  (410,761)








Basic net income (loss) per share

$   (3.16)


$  (5.82)








Basic weighted average shares outstanding

70,541


70,541







Diluted weighted net income (loss) per share

$  (3.16)


$  (5.82)







Diluted weighted average shares outstanding

70,541


70,541










 


 

NOTIFY TECHNOLOGY CORPORATION


Condensed Balance Sheets

 






Dec. 31,


Dec. 31,






2012


2011






(unaudited)


(audited)


Assets:








Current assets:








Cash and cash equivalents



$  1,358,963


$  1,430,748



Accounts receivable, net



129,287


876,071



Other assets



34,478


43,527


Total current assets



1,522,728


2,350,346



Non-current assets








Property and equipment, net



160,818


286,906



Lease deposits



15,602


15,602



Total non-current assets



176,420


302,508



Total assets



$ 1,699,148


$  2,652,854


Liabilities and shareholders' deficit







Current liabilities:








Current portion of capital lease obligation



$         2,872


$       2,706



Accounts payable



23,786


40,725



Accrued payroll and related liabilities



427,827,


519,318



Deferred revenue



2,951,432


3,112,937



Other accrued liabilities



130,423


106,456


Total current liabilities



3,536,340


3,782,142


Long-term liabilities:








Long-term Deferred revenue



57,449


82,003



Long-term capital lease obligations



8,555


11,428


     Total long-term liabilities



66,004


93,431


Total liabilities



3,602,344


3,875,573


Shareholders' deficit:








Preferred stock



- -


- -



Common stock



71


71



Additional paid-in capital



23,706,639


23,651,279



Accumulated deficit



(25,609,906)


(24,874,069)


Total shareholders' deficit



(1,903,196)


(1,222,719)



Total liabilities and shareholders' deficit


$  1,699,148


$  2,652,854












 

 

Contacts:
At Notify Technology Corporation:
Jerry Rice, Chief Financial Officer
Phone: 408-777-7927
[email protected]

SOURCE Notify Technology Corporation

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